Does the government need a new approach to bring forward investment to deliver a low carbon, low cost energy system and secure energy supplies for the long term?
The Business, Energy and Industrial Strategy Committee has launched an inquiry to examine the outlook for energy investment, in the wake of recent decisions by Hitachi and Toshiba to halt new nuclear projects at Wylfa and Moorside and concerns over how the UK’s ‘nuclear gap’ for low carbon electricity can be filled.
It expects to look at the potential future financing of nuclear power, and concerns around foreign investors in this technology. The inquiry will also examine the challenges to raising finance in clean energy technologies such as renewables and storage.
Rachel Reeves MP, chair of the committee, said: ”In the wake of investment decisions over nuclear plants at sites such as Moorside and Wylfa, a giant hole has developed in UK energy policy. With coal due to go off-line, and the prospects for nuclear looking unclear, the government needs to set out how it will create the right framework to encourage the investment needed to plug the gap.
“…we will want to consider what more the Government needs to do to attract greater investment into financing future energy capacity, including renewables.”
The committee has invited written evidence to be submitted by 3 April.
Evidence is invited on potential investment across the energy sector, including power plants, system flexibility, and heat decarbonisation.
Submissions can be made on the Committee’s website.